The FIA has released a statement following the World Motor Sport Council (WMSC) meeting in Paris yesterday (Wednesday) that saw an eleventh-hour deal brokered between F1's governing body and the Formula One Teams' Association (FOTA) rebels that averted the threat of a manufacturer-spearheaded breakaway series.

As part of the agreement reached, Mosley's controversial and largely unpopular budget cap initiative has been scrapped in favour of a more manageable and gradual means of cost-cutting to bring spending levels back to what they had been in the early-1990s, leading to significantly reduced budgets by 2011.

The Englishman was also forced to back down on his push to see all competitors pledge their future to the top flight until the end of the 2014 campaign, with the renewed commitment to the Concorde Agreement set to expire two years earlier than that, in 2012.

It is understood that lawyers for F1's commercial equity owners CVC had travelled to Silverstone over the weekend of the British Grand Prix to urge both warring sides that a resolution was in everybody's interests.

"This for me is an enormous relief," Mosley admitted after the announcement that peace had been made, alluding also to the 'personal difficulties' he has faced of late.

'All currently competing teams have committed to the FIA Formula One World Championship,' read the FIA statement. 'There will be no alternative series or championship, and the rules for 2010 onwards will be the 2009 regulations as well as further regulations agreed prior to 29 April, 2009.

'As part of this agreement, the teams will, within two years, reduce the costs of competing in the championship to the level of the early 1990s. The manufacturer teams have agreed to assist the new entries for 2010 by providing technical assistance.

'The manufacturer teams have further agreed to the permanent and continuing role of the FIA as the sport's governing body. They have also committed to the commercial arrangements for the FIA Formula One World Championship until 2012, and have agreed to re-negotiate and extend this contract before the end of that period.

'All teams will adhere to an upgraded version of the governance provisions of the 1998 Concorde Agreement. In view of this new agreement and with the prospect of a stable future for Formula One, FIA President Max Mosley has confirmed his decision not to stand for re-election in October this year.'

The final 2010 entry list is as follows:

Scuderia Toro Rosso
Red Bull Racing
Force India
Brawn GP
Team US F1


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